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Different Forms of Business Ownerships and Entities |
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Written by Editor
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Saturday, 13 August 2005 |
Forms of Business Ownership
When deciding on how your business should be set up, you should consult an accountant and an attorney. You must examine long-term business goals, the amount of control you want to have, whether or not you want formalities, the business’s vulnerability to lawsuits, tax implications, how much profit or loss you expect the business to have, if you need to re-invest earnings into the business, and whether you will need to get cash from the business for personal reasons.
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Forms of Business Ownership |
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Written by Editor
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Friday, 08 July 2005 |
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One of the first decisions that you will have to make as a business owner is how the company should be structured. This decision will have long-term implications, so consult with an accountant and attorney to help you select the form of ownership that is right for you. In making a choice, you will want to take into account the following:
- Your vision regarding the size and nature of your business.
- The level of control you wish to have.
- The level of "structure" you are willing to deal with.
- The business's vulnerability to lawsuits.
- Tax implications of the different ownership structures.
- Expected profit (or loss) of the business.
- Whether or not you need to re-invest earnings into the business.
- Your need for access to cash out of the business for yourself.
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Last Updated ( Friday, 08 July 2005 )
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